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Will cost/should cost is an analytical process that seeks to preclude cost overruns from exceeding the independent cost estimate (will cost) at which the program is funded, by conducting disciplined analysis of all government and contractor cost elements to arrive at a should-cost figure.
Independent cost estimates have suggested that 9 to 10 years is a more realistic schedule.
Start with independent cost estimates, "constantly attack it.
PRICE Systems supports the IRS by providing independent cost estimates for their modernization initiatives.
On the acquisition front, the Aircraft Division recently completed an independent cost estimate (ICE) supporting the successful Full Rate Production decision for the $8 billion CV-22 Program.
With a combination of information gleaned from the contract files and independent cost estimates, the components are priced, and indirect costs (permits, the contractor's profit, financing, etc.
They have asked Hellyer to provide an independent cost estimate for the completion of Phase 2 as a fixed-price construction project.
After a design is completed and the installation bids are received, an independent cost estimate can be essential in evaluating how realistic the bids are.